Citadel Buys Another Property, Now Owns Site Connecting Brickell Avenue To Biscayne Bay

Hedge fund giant Citadel is continuing its acquisition spree in Brickell, where it plans to build a headquarters building.

The latest purchase sits in between two properties Citadel has already reportedly acquired, potentially connecting the two.

According to the SFBJ, the company’s newest acquisition is a 12-unit apartment building at 1250 and 1260 Brickell Bay Drive, with 5,355 square feet of land.

Citadel paid $20 million – a huge gain compared to the $1.6 million it last sold for in 2004.

Citadel reportedly purchased two adjacent properties in recent months.

The company is said to have paid $286.5 million for the 28-story office tower next door at 1221 Brickell Avenue in June.

Citadel is also said to have paid $363 million for 1201 Brickell Bay Drive in April, where a supertall tower can be built.

The company is currently conducting an international design competition for its new headquarters, Bloomberg reported recently.

 

 

The glass office building on the left is 1221 Brickell. The vacant lot on the right is 1201 Brickell Bay Drive. The newly acquired apartment building is just behind the 1221 Brickell parking garage:

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Anonymous
1 month ago

Welcome to Miami, Citadel!

Anonymous
1 month ago

Kenny G hasn’t built anything yet, but he’s already done more for the city than Moshe Manlet.

Yet Another Anonymous
1 month ago

The last old motel style two or three story apartment in East Brickell

Anonymous
1 month ago

See ya!! Won’t miss ya!

WindyCity Export
1 month ago

Coming from Chicago, I can tell you that Citadel got a raw deal which prompted this move to Miami! And you folks will love what Citadel does there…they will change the skyline in a big way!! FECR won’t stand a chance when the powers that be at Citadel get entrenched in Miami!! The Panorama and the coming One Bayfront supertall will pale in comparison to what Citadel is planning….

Damn
1 month ago

Kenny G don’t play yall

Anonymoose
1 month ago

I wonder what this does for them exactly. Another real estate publication was speculating it could mean an expansion of the parking garage that sits between 1221 Brickell and 1201 Brickell Bay Drive. Although we don’t know what they’re planning to do with 1221 Brickell either, since Citadel just signed for space at 830 Brickell.

Anon
1 month ago

Yes, my guess is the 1201 parking garage will be expanded and very little or no parking will be built on the 1221 parcel. With a sky bridge across Brickell Bay Drive it would work nicely. In any case, it will be interesting to see what they choose to do.

Anonymous
1 month ago

You totally inverted the numbers but what you say makes sense otherwise.

Anon
1 month ago

Yes, I see now that I did. :}

Anonymous
1 month ago

I’m starting to like this company

Anonymous
1 month ago

About f-ing time. Of all the charming and interesting pre-war buildings that used to dot the Brickell landscape destroyed, including the Dr. James M. Jackson mansion that was architecturally more significant than the surviving office building, this nondescript 1950s eyesore HAS to go.

Anonymous
1 month ago

Been dreaming of the day this apartment building gets demolished since I moved to Brickell!

Anonymous
1 month ago

Go Ken go, and thanks for moving to beautiful Miami!